帕累托實驗室（Pareto Labs

新推出的USP合成美元完全得到了現實世界中的私人信貸

Private credit marketplace Pareto has launched a new synthetic dollar aimed at linking institutional investors with decentralized finance (DeFi) lending and yield opportunities.

私人信貸市場帕累托（Pareto）推出了一種新的合成美元，旨在將機構投資者與分散融資（DEFI）貸款和收益機會聯繫起來。

The newly launched USP synthetic dollar is fully backed by real-world private credit assets, Pareto announced on May 15. To mint USP, users must deposit stablecoins such as USDC (USDC) and USDt (USDT), which are then held as collateral.

新推出的USP合成美元得到了5月15日宣布的現實世界中的私人信貸資產的全部支持。要向Mint USP，用戶必須存入諸如USDC（USDC）和USDT（USDT）之類的StableCoins，然後將其保留為額外的。

"USP is backed 1:1 by the stablecoins used during the minting process," said Pareto co-founder Matteo Pandolfi.

Pareto聯合創始人Matteo Pandolfi說：“ USP由鑄造過程中使用的Stablecoins支持1：1。”

The deposited funds are placed into Pareto’s credit vaults and lent to what the company describes as "vetted institutional borrowers," generating yields for participants.

存款資金放入了帕累託的信用保險庫中，並藉出了公司所描述的“審查機構借款人”，為參與者帶來了收益率。

To maintain its peg to the US dollar, Pareto uses what it calls a "native backing" process. Each USP token is minted only when an equivalent amount of USDC or USDT is deposited, ensuring full collateralization when the token is created. An arbitrage mechanism also supports the dollar peg’s ongoing stability.

為了維持其釘美元，帕累托使用所謂的“本機支持”過程。僅當存放等效量的USDC或USDT時，每個USP令牌才會鑄造，從而確保創建令牌時完全抵押。套利機制還支持美元釘的持續穩定性。

In addition, Pareto has set up a protocol-funded stability reserve to act as a buffer in case of borrower defaults.

此外，帕累托（Pareto）設立了一個協議資助的穩定儲備，以便在藉款人默認情況下充當緩衝區。

Institutional entry into RWA credit market

機構進入RWA信貸市場

The company said the synthetic dollar provides a regulated onchain entry point for institutional investors into real-world asset (RWA) credit markets — a segment of the tokenization industry that has expanded rapidly over the past year.

該公司表示，綜合美元為機構投資者提供了一個受監管的OnChain入口點，用於現實世界中的資產（RWA）信貸市場，這是代幣化行業的一部分，在過去一年中迅速擴大。

Recent examples of private credit tokenization include Tradable’s portfolio of 30 credit positions and Apollo’s Diversified Credit Securitize Fund.

私人信貸令牌化的最新示例包括可交易的30個信貸職位的投資組合以及阿波羅的多元化信用證券化基金。

When asked about the potential risks of connecting DeFi to the often opaque private credit sector, Pareto acknowledged the concern but emphasized its approach to risk management.

當被問及將DEFI連接到經常不透明的私人信貸部門的潛在風險時，帕累托承認了這一關注點，但強調了其風險管理方法。

"That’s a fair concern, but Pareto was specifically built to address the inefficiencies and opacity that have historically plagued traditional credit markets," Pandolfi said.

潘多爾蒂說：“這是一個公平的問題，但帕累托是專門為解決歷史上困擾傳統信貸市場的低效率和不透明度而建造的。”

"All of our borrowers undergo rigorous due diligence, and our lending protocols are designed with best-in-class risk mitigation measures to protect lenders’ capital."

“我們所有的借款人都經歷了嚴格的盡職調查，我們的貸款協議均採用一類降低風險措施來保護貸方的資本。”

Stablecoins: From crypto niche to the mainstream

Stablecoins：從加密裂市場到主流

Although synthetic dollars account for a small fraction of the total stablecoin market, they are driving innovation by introducing new methods for creating and managing fiat-pegged assets.

儘管合成美元占總穩定市場的一小部分，但它們通過引入創建和管理菲亞特·佩奇資產的新方法來推動創新。

Ethena, the largest synthetic dollar network by market capitalization, offers Staked USDe (sUSDe) tokenholders an annual percentage yield of 10%. Roughly 368,000 investors were earning yield as of January, according to data from DeFi protocol Chainlink.

Ethena是市值最大的合成美元網絡，可為儲藏的USDE（SUSDE）代幣持有人的年百分比為10％。根據DEFI Protoction Chainlink的數據，截至1月，大約有368,000名投資者正在賺取收益率。

Despite the success of synthetic variants, collateralized stablecoins continue to dominate the market — a position US regulators are keen to preserve through proposed legislation like the GENIUS Act and STABLE Act.

儘管綜合變體取得了成功，但抵押穩定的穩定者仍在繼續統治市場 - 美國監管機構渴望通過諸如《天才法案》和《穩定法》這樣的擬議立法來保存。

Under President Donald Trump, the US government has recognized the role of stablecoins as a "way to support the dollar’s worldwide use as a reserve currency," Komodo Platform's chief technology officer, Kadan Stadelmann, told ChainLI nk in a written statement.

在唐納德·特朗普（Donald Trump）總統的領導下，美國政府已意識到，斯塔布雷因（Stablecoins）的作用是“支持美元在全球範圍內用作儲備貨幣的方式”。

"Stablecoins are the second-most adopted blockchain use case behind Bitcoin — more than NFTs and DeFi," he said. "US dollar-pegged stablecoins account for a mind-boggling 1% of the M2 money supply."

他說：“穩定幣是比特幣僅次的第二大區塊鏈用例，而不是NFTS和DEFI。” “美元固定的穩定穩定人數佔M2貨幣供應量的1％。”

Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar Protocol, said US regulators are prioritizing stablecoin legislation because they know there’s more at stake than just crypto.

Interop Labs首席執行官兼Axelar協議聯合創始人Sergey Gorbunov表示，美國監管機構正在優先考慮Stablecoin立法，因為他們知道，不僅僅是加密貨幣。

"This is about setting the conditions for regulated US financial firms to be able to fully participate in and lead on stablecoins, and for the US dollar to maintain its primacy, globally," Gorbunov told ChainLI nk.

Gorbunov告訴Chainli NK：“這是為了確定受監管的美國金融公司能夠充分參與並領導穩定的條件，以及美元在全球範圍內維持其首要地位。”